U.S. commercial crude oil stocks are expected to have increased 3 million barrels during the week ended April 3, a Platts survey of analysts showed.The U.S. Energy Information Administration (EIA) is scheduled to release its weekly data at 10:30 a.m. EDT (1430 GMT) Wednesday.The EIA five-year (2010-14) average shows inventories increasing 2.2 million barrels during the comparable reporting week.

Market participants are keeping a close eye on storage levels at Cushing, Oklahoma -- delivery point for the New York Mercantile Exchange (NYMEX) futures contract -- where volumes in the hub's tanks have increased for 17 weeks in row, reaching 58.9 million barrels the week ended March 27, according to EIA.

At 83% of working capacity, Cushing storage is nearing its physical limits, sparking questions about how much longer before tanks there are completely full.

Total U.S. crude oil stockpiles have increased for 12 consecutive weeks, reaching 471.4 million barrels.

The accumulation is consistent with the seasonal pattern, as stocks grow during the winter and early spring. The inventory typically levels off in May when refineries begin ramping up gasoline production ahead of the summer driving season.

Analysts expect the refinery utilization rate to rise 0.4 percentage point to 89.8% of operable capacity.

In refinery news, Phillips 66 ended planned maintenance the week ended April 3 on unspecified units at its 275,000 barrels per day (b/d) Alliance refinery in Belle Chasse, Louisiana, the company said.

GASOLINE STOCKS EXPECTED TO FALL

U.S. gasoline stocks are expected to have decreased 1.8 million barrels the week ended April 3, according to the analysts surveyed. The EIA five-year average shows inventories falling 2.12 million barrels during the comparable reporting week.

U.S. distillate stocks are expected to have risen 314,000 barrels the week ended April 3, compared with the EIA five-year average for the same reporting week, which shows a 532,000-barrel decline.

Source: Platts